You may think that you’re cutting out an expense by not getting an insurance policy for your home. However, the fact of the matter is that the risks of not having a homeowner insurance policy can be far more expensive than what you would end up paying for coverage. Here are some of the risks that you incur from not having insurance for your home and some of the negative ramifications that can result from them.

What Are the Risks of Going Without Homeowner Insurance?

Paying for Unexpected Damages

While your home is where you feel a sense of security, there are unexpected problems that can arise that can cause expensive damages to your property. From extensive wind damage to destruction caused by vandalism, there are a wide array of threats that can leave you with costly repairs. The simple fact is that most homeowners don’t have the assets to cover these repairs, making insurance coverage for your home absolutely essential.

Environmental Disaster

The threat you face from natural disasters varies depending on where your house is, but every property is in some danger of suffering damage from environmental effects. Flooding especially threatens properties in low-lying areas, while tropical storms and hurricanes are a constant danger to property along the coast. Along with taking precautions to prepare for these events, having insurance for such damage to your home is an important step to take.

Liable for Injuries on Your Property

If a visitor comes to your property and suffers an injury from even something as simple as slipping and falling, you could be legally responsible for the medical expenses they end up paying for that injury. An insurance policy for your home can include legal liability coverage to prepare for such an event. If an injury does occur, this coverage will cover these expenses so you don’t end up needing to pay them out of pocket.

No Protection on Your Mortgage

Anyone who is paying a mortgage should also have an insurance policy for their home. Depending on the contract your mortgage involved, having insurance may actually be a requirement rather than just a good step to take. If you don’t have a policy, your mortgage lender might find a provider with higher premiums than you could find on your own, or depending on your mortgage contract, may try and foreclose your home immediately.

Depreciation of Your Property

As they grow older, your valuable possessions begin to lose value. If you don’t have insurance coverage for your property, there aren’t many ways to recover that value that is lost over time. However, some insurance policies can include guaranteed replacement coverage for these items. That means that if anything happens, you’re covered for the items as they were when you took out the policy rather than the condition they were in when they were lost or damaged.

It’s easy to see why insurance is so crucial for your home, and with our tools, it’s also easy to find the right policy to match your needs. Start your search on Absolute Choice Insurance today!